Stockholm-listed Evolution Gaming Group AB, announces £1.6 billion takeover deal
Swedish live dealer supplier, Evolution Gaming Group AB, has made a billion pound bid for iGaming slots, live dealer and table games developer, NetEnt.
The £1.6bn offer has been recommended by NetEnt’s board of directors to their shareholders, with several stakeholders, holding about 45% of the company (directly or indirectly controlling 21.02% of all shares), agreeing to the deal.
NetEnt stakeholders have been asked to sell their shares in the company in exchange for 0.1306 Evolution Gaming shares. Through this each NetEnt share is valued at SEK 79.93, comprising of approximately SEK 19.6 billion (€1.8 billion) in total with both shares of series A and series B, based on pricing as of June 23, 2020. However, Evolution Gaming has stated that the terms under the Takeover Rules are not subject to discussion.
NetEnt’s closing price on Tuesday promises a lucrative deal to NetEnt stakeholders, issuing a premium of 0.43 cents per share. Looking to the average price per share during the last 30 trading days the premium raises to 72%.
It is presumed that every share will be taken over by Evolution Gaming Group AB, who will acquire 90% of total shares.
Stakeholders have until 17th August to 26th October to accept the offer, with the estimated settlement date 2nd November.
Merging will bring up great advantages for both companies. While increasing the company’s footprint Evolution Gaming launched 12 new games at ICE London 2020, with the main focus on the move into the United States gaming market.
Both companies operate in Malta by holding Critical Gaming Supply licences. Evolution Gaming runs its office with more than 600 employees. Last year an acquisition took place where NetEnt bought Red Tiger Gaming.